What are the most up and coming cities for business?

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In today’s day and age about 10% of the US labor force works for themselves according to the Bureau of Labor Statistics; coincidently, business is a popular major within the 2018 senior class and it is important to take into consideration where to base your businesses for the future.

Your business headquarters are very important which depend on the economy of the city and whether or not your business could thrive there. According to WalletHub, there are three things that determine whether a city is a good place to start a business or not.

One aspect is the business environment. WalletHub and Business Insider counts this as the five-year business survival rate, length of the average work week, startups per capita, average growth of business revenues, and average growth in the number of small businesses, industry variety and entrepreneurship index.

The next aspect is access to resources. WalletHub and Business Insider define this as venture investment per capita, financing accessibility, share of college-educated population, prevalence of investors, high-education assets, human capital availability and working-age population growth.

The last aspect is business costs. WalletHub and Business Insider state that this includes office-space affordability, labor casts, corporate taxes and cost of living. WalletHub collected data from 150 of the most populated cities across the US and assigned them a rank based on the three determinates above. They created a graph with the smallest dots being the higher ranks and the larger dots being the lower ranks.

Surprisingly, the number one city on the list for creating businesses is Oklahoma City, Oklahoma with a total score of 56.85. Oklahoma City got a tremendous score for access to resources meaning that there are a lot of opportunities within the city to secure loans and hire well-educated people. Below is a list that states the next 9 states that are known as good locations for building a business.